Oracle Finance Case Study
The Challenge
Oracle Financial Services – Bespoke CRM for Mortgage Advice and Commission Management
Oracle Financial Services is an FCA regulated mortgage advisory firm that employs a network of financial advisers on a commission basis. They had been using what was considered a leading off-the-shelf CRM system for financial services, but in day-to-day use it was expensive, unwieldy and hard for advisers to work with.
The system did a great deal in theory, but much of the functionality did not match Oracle’s business model. Advisers still relied on manual processes, spreadsheets and phone calls to progress cases. Capturing client information in the home, bringing it back to the office, and tracking each stage of the mortgage application involved repetitive admin and re-keying. Commission calculations were complex and time consuming.
Oracle asked RD Research to design and build a bespoke CRM and paperless office system that would fit the way they actually worked.
The Development Process
We began by analysing how Oracle’s advisers and admin staff really worked. Together with the directors we identified which functions from the old system were genuinely used, where bottlenecks occurred, and where FCA rules placed extra requirements on record keeping and audit trails.
We produced a detailed specification for a bespoke CRM tailored to mortgage advice rather than generic financial services. The specification set out client fact find screens for use in the client’s home, workflow stages for each type of case, and the rules for calculating commissions across different products, lenders and fee structures.
We then designed a central database and secure office system that would synchronise with laptops used by advisers. Data captured in the field would flow straight into the core CRM, creating tasks, generating standard letters and reports, and updating the case pipeline without further re-keying. A “penny perfect” commission engine was implemented to calculate commission due to each adviser, including clawbacks and adjustments, and to provide clear statements. Throughout development, usability was kept front and centre.
The specification evolved as new ideas emerged. The final system remained straightforward to use while becoming progressively more capable, replacing a clutter of features the old product had provided with a focused set that directly supported Oracle’s business.
Key features
- Bespoke CRM designed specifically for mortgage sales and administration
- Laptop based fact find and case entry at the client’s home with secure synchronisation
- Automated workflow from enquiry through underwriting to completion
- Full audit trail of advice given, documents produced and decisions to support compliance
- “Penny perfect” commission engine calculating all adviser commissions
- Management dashboards and reports for pipeline, income and compliance checks
- Paperless office features for storing client documents, letters and evidence for each case
- Simple, intuitive screens for advisers and office staff, reducing everyday errors
Outcome
The new system went live on schedule and at once replaced the off-the-shelf packages that had promised much but delivered little in practice. Advisers adopted it as their sole tool for client meetings, while the office team relied on it to run the mortgage pipeline and manage commissions.
“The system is now live and the results are fabulous, the final outcome was far beyond our original expectation. The system just kept getting cleverer but always remained uncomplicated to use.”
Andrew Connolly, Director, Oracle Financial Services